August 14, 2019 / 10:10 AM / 7 days ago

India's Coffee Day to sell Bengaluru tech park to Blackstone, cut debt

FILE PHOTO: The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid

BENGALURU (Reuters) - Coffee Day Enterprises Ltd (CODE.NS) said on Wednesday it planned to sell a tech park it owned in the southern Indian city of Bengaluru to Blackstone (BX.N) for up to 30 billion rupees ($421 million), in an effort to cut debt.

The announcement comes weeks after the company’s founder was found dead in a river in southern India, sparking speculation that he was under intense financial strain and prompting the company to look for options to deleverage its assets.

Coffee Day said it entered a non-binding letter of intent with U.S.-based private equity firm Blackstone for the sale. It also approved the sale of AlphaGrep Securities, a trading firm it owns for 280 million rupees.

Reporting by Chris Thomas in Bengaluru; Editing by Rashmi Aich

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